Similar to most SPACs that have recently terminated their deals this year, Ace Global has also cited unfavorable market conditions. Founder and CEO of DDC Norma Chu noted that this choice has been made to ensure that the company is in the “greatest possible position to carry out its long-term strategic goals and capitalize on the exceptional growth potential in this market.”
Ace Global planned on funding the deal with about $46.9 million from its current trust and expected to raise a PIPE of $30 million to $40 million. The deal also included a $15 million minimum cash closing condition.
Going forward, the SPAC has a completion deadline of October 8, 2022, or roughly three months to find a new target. Ace Global raised $40 million at IPO last year on April 5, 2021 and initially aimed to combine with a target businesses operating in East or Southeast Asian gaming and e-commerce. Ace Global is led by CEO and Chairman Eugene Wong and CFO Nicholas Xue-Wei Tan.
The SPAC initially announced its $300 million combination with DDC on August 25, 2021. Hong Kong-based DDC runs digital cooking content platform DayDayCook and recently launched its own line of prepared meals.